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Granules India Limited today announced that United States Food & Drug Administration (USFDA) has given the final approval for its abbreviated new drug application (ANDA) for Metformin Hydrochloride extended-release tablets USP, 500 mg and 1,000 mg. These tablets are the generic equivalent of Glumetza ER tablets, 500 mg & 1,000 milligrams of Bausch Health US LLC.
Reacting to this, the inventory of Granules today jumped 2.84 per cent and made an intraday high of Rs 371.75 per share.
The business currently has a total of 35 ANDA approvals from USFDAout of which, 34 are final approvals and 1 is tentative approval.
The business reported a net profit of Rs 163.63 crore in Q2FY21, an increase of 70.82 per cent. The company reported net sales of Rs 858.12 crore for Q2FY21, a rise of 22.67 per cent as against the net sales of Rs 699.53 crore for Q2FY20.